A bequest can be your way of ensuring a lasting contribution that will support the Art Gallery of Ballarat for the benefit of future generations. Many works of art in the Gallery’s Collection have been purchased with gifts nominated in wills or with the income generated over time by soundly invested bequest funds.
There are many ways that you can arrange your bequest. You can leave a general bequest or nominate a specific purpose. You can nominate a dollar amount or a share of your estate.
Your legal advisor will be able to advise you about the best bequest structure for you.
The Cultural Gifts Program
The Australian Government’s Cultural Gifts Program encourages gifts of significant cultural items to public art galleries, museums and libraries by offering donors a tax deduction for the market value of their gifts, under Subdivision 30-A of the Income Tax Assessment Act 1997 (the Act).
The Department of Communications, Information Technology and the Arts administers the program with the advice of the Committee on Taxation Incentives for the Arts. The Committee advises the Secretary to the Department on the approval of valuers to participate in the program and examines donations to ensure they conform with the program’s requirements. Donations made under the program are exempt from capital gains tax and the tax deduction may be spread over a period of up to five years.
For more information please contact Gallery Director, Louise Tegart